The 10-second takeaway
For the quarter ended March 31 (Q1), Benchmark Electronics met expectations on revenues and beat expectations on earnings per share.
Compared to the prior-year quarter, revenue shrank. Non-GAAP earnings per share dropped. GAAP earnings per share grew significantly.
Gross margins were steady, operating margins contracted, net margins increased.
Benchmark Electronics logged revenue of $542.4 million. The six analysts polled by S&P Capital IQ expected revenue of $547.0 million on the same basis. GAAP reported sales were 8.6% lower than the prior-year quarter's $593.4 million.
Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.
EPS came in at $0.22. The seven earnings estimates compiled by S&P Capital IQ forecast $0.20 per share. Non-GAAP EPS of $0.22 for Q1 were 12% lower than the prior-year quarter's $0.25 per share. GAAP EPS of $0.21 for Q1 were 110% higher than the prior-year quarter's $0.10 per share.
Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.
For the quarter, gross margin was 6.8%, much about the same as the prior-year quarter. Operating margin was 2.7%, 30 basis points worse than the prior-year quarter. Net margin was 2.1%, 120 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)
Next quarter's average estimate for revenue is $572.6 million. On the bottom line, the average EPS estimate is $0.28.
Next year's average estimate for revenue is $2.32 billion. The average EPS estimate is $1.10.
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 160 members out of 171 rating the stock outperform, and 11 members rating it underperform. Among 49 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 46 give Benchmark Electronics a green thumbs-up, and three give it a red thumbs-down.
Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Benchmark Electronics is underperform, with an average price target of $16.21.
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